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Mostrando ítems 1081-1090 de 1898
Liquidity and foreing asset management challenges for Latin America countries
The Global Financial Crisis put to the fore the challenges of managing liquidity and foreign assets at times of heightened volatility. Earlier concerns of some observers regarding the costs of precautionary hoarding notwithstanding the Global Financial Crisis (GFC) validated the buffer value of ...
The monetary transmission mechanism in Chile: a medium-sized macroeconometric model
The objective in building and specifying macroeconomic models is to reflect the main characteristics of an economy in a stylized way. This article describes a macroeconometric model for the Chilean economy. The aim of the model is to forecast the main macroeconomic variables, along with policy exercises ...
Managing sudden stops
Sudden stops are when capital inflows dry up abruptly. The banker’s aphorism—'It’s not speed that kills but the sudden stop'— has been popularly invoked since at least the Mexican crisis in 1994. Awareness then rose with impetus from the Argentine crisis (1995) the Asian crisis (1997) the Russian ...
Acta Comité Ejecutivo N° 1288
Acta mecanografiada
El ahorro y el consumo de bienes durables frente al ciclo económico ¿consumismo, frugalidad, racionalidad?
En la literatura económica el comportamiento del ahorro ha sido analizado desde diversas ópticas. Una de ellas es la que vincula el ahorro agregado nacional con el crecimiento económico. Una versión simple de este enfoque (que además asume acceso imperfecto al mercado de capitales internacional) señala ...
Monetary policy and dutch disease: the case of price and wage rigidity
From a theoretical point of view and as we will show the presence of both price and wage rigidities implies that to the extent that fiscal policy is unresponsive to shocks full price stability is not optimal. In this paper we study optimal monetary and exchange rate policy in a small open economy with ...
Estimación de la estructura de tasas nominales de Chile: aplicación del modelo dinámico nelson-siegel
En este artículo se propone una versión discreta y dinámica del modelo de Nelson y Siegel para la estimación de la estructura de tasas de interés, la que se obtiene asumiendo como válida la Hipótesis de Expectativas en Logaritmo, además de una modelación explícita para la dinámica de los factores del ...
Monetary policy in Chile: institutions objectives and instruments
Inflation seemed to be an endemic disease of the Chilean economy for most of the 20th century with its presence being felt even before the creation of the Central Bank in 1925. However things seemed to change drastically in the mid 1990s when the country began to experience a sustained process of ...
Monetary policy transmission in emerging markets: an application to Chile
A critical question for emerging-market policymakers is how to adjust to monetary policy changes in the center. A core tenet of modern macroeconomic theory is that countries should let their exchange rate float when financial conditions abroad change. This allows the nominal and real exchange rates ...